Madam, – I noted with some concern an article by John McManus, “Private sector roots of Bruton’s IFSC Czar post may be its Achilles’ heel”, (Business Opinion, September 6th). The piece in question asserts that the IDA is not supportive of John Bruton’s role of chairman of IFSC Ireland. Indeed, the author goes further and states the IDA “is said to be positively hostile, given the overlap between his role and its own mandate”. I wish to assure you and your readership that this is completely untrue.
IDA Ireland has a long and distinguished record of promoting Ireland as a location for inward investment and has been actively involved in promoting the IFSC and the international financial services sector for many years. This has been done in partnership with a range of stakeholders including Government departments, sister agencies, the Clearing House Group, industry associations, client companies and service providers etc.
John Bruton’s appointment is a significant, Government-supported response to the need to enhance our marketing of the IFSC and the industry in the wake of the recent global financial crisis. As a former taoiseach, finance minister and EU ambassador to Washington, John Bruton brings a wealth of experience and key relationships to this role in a way that complements the work of IDA and the other organisations helping to develop the sector.
The full extent of IDA’s support for and involvement in this initiative has not been accurately captured in the article. The courtesy of a phone call to Wilton Park House in advance of publication would have been constructive. The reality is that IDA has been actively involved, together with the departments of An Taoiseach, Finance and the industry bodies, in designing and facilitating the role of chairman of the IFSC. Consequently, we have both publicly and privately welcomed Mr Bruton’s appointment.
While the role is a private-sector initiative in terms of its origins and funding, IDA is providing the secretariat and administrative support to his office, which is located in IDA headquarters in Dublin. Currently, IDA Ireland and the industry associations, etc, are working closely with Mr Bruton to construct a programme of events to promote the sector.
Given the challenges facing our economy, any initiative that may positively contribute to winning further investment and job creation should be applauded and pursued with vigour. This is the spirit in which IDA views John Bruton’s appointment and we look forward to working with him. Any suggestion to the contrary is untrue and unhelpful. – Yours, etc,